On-chain data indicates that multiple XRPL wallets have remained dormant, holding on to what appears to be their reserve XRP despite recent changes.
Notably, Dr. Artur Kirjakulov, co-founder and CEO of XRPL resource XPMarket, called attention to this stat in a recent disclosure, triggering questions among market participants.
592,818 XRPL Wallets Hold 10 XRP
Data from XRPL Stats, an XRPL-native analytics platform, confirms the disclosure. According to XRPL Stats, there are about 6,991,542 XRPL wallets at press time. Interestingly, this shows an impressive increase in the number of wallets on the network, which stood at 5,815,583 as of Dec. 31, 2024.
The current figure indicates that the XRP Ledger has welcomed over 1.175 million wallets so far this year, marking a growth rate that has outpaced previous periods. Notably, the mainstream adoption of XRP this year, involving multiple ETF filings, rising company treasuries, and inclusion in the U.S. crypto stockpile, has contributed to this wallet growth.
Meanwhile, of the current 6.991 million figure, data shows that exactly 592,818 XRPL wallets, representing 8.47% of the total, hold 10 XRP each as their balance. This represents the mode balance, which translates to the most common balance occurring on the network.
According to Kirjakulov, this unusual shared balance across nearly 600,000 wallets indicates that most of these wallets have remained dormant over the years. Specifically, this could suggest that network participants activated these XRPL wallets with the previous reserve fee and abandoned or kept them aside.
XRPL Reserve Fee
For context, the XRPL demands a minimum reserve balance for activating accounts, a measure for curbing spam. Originally, this figure was 20 XRP, but it dropped to 10 XRP in September 2021. However, amid the rise in XRP’s price from November 2024, validators voted to reduce the fee to 1 XRP by December 2024.
Nonetheless, most of the nearly 600,000 XRPL wallets holding 10 XRP likely sprang up before December 2024, when the reserve fee stood at 10 XRP. If the owners of these wallets revisit them, they could withdraw 9 XRP, currently worth $25.47, leaving the new 1 XRP reserve fee.
Meanwhile, Kirjakulov revealed that the next mode balance sits at 20 XRP, representing the original reserve fee. Specifically, around 560,000 XRPL wallets hold 20 XRP, which may have been activated before September 2021, when the account reserve demanded a minimum of 20 XRP tokens.
Besides this, the XRPL also features other interesting stats. Notably, the 6.991 million wallets hold a total of 64.72 billion XRP, with the highest single balance standing at 1.69 billion XRP. Further, of this figure, 33,311, representing about 0.48%, are large holders. Meanwhile, the mean balance stands at 9,263 XRP.
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